The EV market in India is on the rise. With rising fuel prices, government incentives, and a growing push for sustainability, the future of the EV industry seems promising. Companies like Tata Motors, Mahindra & Mahindra, and Hyundai are betting on India’s EV revolution. If you are looking to invest in the companies shaping India’s future, you have come to the right place.
In this article, we will discuss the top EV manufacturing companies in India today. Let’s get started!
EV Companies in India
The EV stocks India market is still in its early stages, with electric vehicles accounting for about 2.5% of total car sales in 2024. However, the government’s goal is to increase sales of EVs to 30% by 2030, supported by stricter emission rules set to be implemented in 2027. Analysts predict that EV sales in India could double this year with the help of better vehicle designs and increased consumer interest.
1. Tata Motors
Tata Motors is one of the leading EV stocks in India. Currently, the company is the biggest manufacturer of electric cars in India. Rolling out popular models like the Nexon EV and Tigor EV, the company has gained significant traction among Indian consumers.
To strengthen its position, Tata Group is investing $1.5 billion in a battery gigafactory, expected to start production in 2026. This move aims to secure their supply chain and reduce costs. EVs contributed to 12% of car sales of the company in 2024 and it aims to increase this contribution to 30% by 2030.
2. Mahindra & Mahindra
A renowned auto manufacturer, Mahindra & Mahindra has also been making waves with its electric SUVs. With an aim to boost its market share in the EV industry in India, the company has recently launched two EV models.
Mahindra & Mahindra aims to manufacture 200,000 EVs by March 2026 and their target is to increase their EV sales so that they contribute to a minimum of 20% of its total sales by 2027.
Moreover, the company aims to launch 5 more EV models by 2030. Their strategy includes leveraging their strong brand presence and extensive dealership network to promote EV adoption.
3. Hyundai Motor India
Another leader in the EV industry, Hyundai has plans to manufacture and launch 5 EV models by 2030. The company also aims to expand its EV charging stations network with 485 charging stations by 2030. Hyundai is preparing to launch its first locally-produced EV, Creta Electric in India this year.
Hyundai is also planning to launch hybrid cars in India and is targeting the first launch by 2026. This initiative is part of their strategy to regain market share amidst growing competition from domestic manufacturers. Hyundai’s commitment includes a $4 billion investment over the next decade, highlighting its focus on the Indian market.
4. JSW Group
JSW, primarily known for steel production, is venturing into the EV market with plans to launch its own electric vehicle brand. The company has announced a $1.5 billion investment in a new plant in Aurangabad, Maharashtra, focusing on manufacturing and adding value within India.
This move is expected to create around 5,200 jobs and signifies JSW’s commitment to becoming a significant player in the EV sector.
5. Ola Electric
Ola Electric has made a significant impact with its range of electric scooters, including the S1 Pro and S1 Air. The company has recently expanded into electric motorcycles, launching models like the Roadster X, which offers a 200 km range per charge.
Despite challenges like high upfront costs, Ola is focused on reducing costs through in-house battery production and refining its EVs to improve profit margins in the coming years.
6. MG Motor India
MG Motor India entered the EV market with the ZS EV, a compact SUV that’s been well-received for its performance and features. The company is focusing on expanding its EV portfolio and charging infrastructure to enhance customer experience.
MG’s strategy includes localizing production to make EVs more affordable for Indian consumers.
7. Hero Electric
Hero Electric is a pioneer in the electric two-wheeler segment in India. With models like the Optima and Photon, the company has established a strong presence in the market. Hero Electric is investing in expanding its production capacity and charging network to meet the growing demand for electric scooters.
The company is set to launch 4 electric bikes in 2025 with an aim to make sustainable mobility accessible to a broader audience.
Conclusion
The EV industry in India is booming, with both established automakers and new players accelerating their efforts. This sector offers exciting opportunities as the country shifts towards sustainable transportation.
If you’re an investor, you should keep an eye on these companies and any fundamental changes in them. Stay informed and happy investing!
